Kyiv.Ukraine.Ukraine Gate – November 17,2021- The oil prices fell on Wednesday, November 17, on information that the administration of US President Joe Biden is considering selling oil from the Strategic Petroleum Reserve (SPR).
The price of a barrel of Brent oil in January at 9:15 in Kiev was $81.95 (-0.58%). A barrel of West Texas Intermediate oil for January was trading at $79.19 (-0.69%). Initial bids for the benchmarks ended at $82.43 and $79.74, respectively.
US President Joe Biden is considering releasing SPR raw materials to lower gasoline prices, which this week reached record levels at California gas stations.
In virtual talks with Chinese President Xi Jinping, Biden also called on him to sell oil from the country’s reserves.
“If China goes here to work with the United States to lower oil prices, we can talk about a ‘bearish’ factor for the market,” said commodity analyst Samsung Futures Inc. Kim Quangraye.
According to the American Petroleum Institute (API), for the week ended November 12, oil reserves in the United States increased by 655 thousand barrels. A week earlier, stocks fell by 2.485 million barrels. Gasoline inventories decreased by 2.8 million barrels. with a projected decrease of 600 thousand bar.
